Contact information Prerequisites Course format Course materials Learning objectives Schedule Grading Quizzes 500 points Exams 500 points Policies Subject to revision Contact information Instructor: Elizabeth Stanny, PhD Email (best way to contact me): stanny (at) sonoma (dot) edu Online office hours: M-F beginning at 6 PM. I will stay on until all questions are answered. To attend OH on Zoom click here If joining with an app, the meeting room is 904-996-6788.
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If you compare the amounts Instructure reported for its 2016 bad debt expense and accounts written off in its 2016 financial statements to amounts that should be the same in its 2017 financial statements, you’ll find that they differ. The amounts reported in 2017 are over 50% less than the ones reported in 2016. We asked for clarification from Instructure’s Investor Relations Department. They provided the following explanation:
In our analysis of the AR allowance during 2017 it came to our attention that there was an inappropriate accrual.
Contact information Prerequisites Learning objectives Course materials Schedule Grading Quizzes 500 points Exams 500 points In-class Policies Subject to revision Contact information Instructor: Elizabeth Stanny, PhD Email (best way to contact me): stanny (at) sonoma (dot) edu Office hours: In-person: by appointment Online: Fridays 3 - 6 PM on Zoom click here If joining with an app, the meeting room is 904-996-6788. Prerequisites BUS 230A Proficiency in spreadsheet software Learning objectives Environment and conceptual framework Describe the function and primary focus of financial accounting Explain the difference between cash and accrual accounting Discuss FASB’s conceptual framework Accounting cycle Record transactions using journal entries Post the effects of journal entries to general ledger accounts Prepare an unadjusted trial balance, adjusting journal entries, adjusted trial balance, and closing journal entries Prepare basic financial statements Convert from cash to accrual basis net income Balance sheet and financial disclosures Describe the purpose of the balance sheet and its usefulness and limitations Distinguish among current and non-current assets and liabilities Explain the purpose of financial statement disclosures, the management discussion and analysis disclosure and of an audit Calculate liquidity and financing ratios Income statement and statement of cash flows Discuss the importance of income from continuing operations and its components Define discontinued operations and its income statement presentations Explain the accounting treatments of changes in estimates and accounting principles and correction of errors Define earnings per share (EPS) and explain required disclosures of EPS Explain the difference between net income and comprehensive income Describe the purpose and classifications of the statement of cash flows Income Measurement and Profitability Analysis Discuss the revenue recognition criteria Discuss the implications for revenue recognition of allowing customers the right of return Identify and calculate the common ratios used to assess profitability Cash and receivables Distinguish between the gross and net methods of accounting for cash discounts Account for merchandise returns and anticipated uncollectible accounts receivable Describe the two approaches to estimating bad debts Differentiate between the use of receivables in financing arrangements accounted for as a secured borrowing and those accounted for as a sale Inventories Explain the difference between perpetual and periodic inventory systems Explain which physical quantities of goods should be included in inventory Determine the expenditures that should be included in the cost of inventory Determine the cost of ending inventory and cost of goods sold using the specific identification, FIFO, LIFO, dollar-value LIFO, retail inventory, gross profit and average cost methods Describe supplemental LIFO disclosures and the effect of LIFO liquidations on net income Apply the lower of cost or net realizable value rule used to value inventories Property, plant and equipment and intangibles Identify costs included in the initial cost of property, plant, and equipment, natural resources, and intangible assets Determine the initial cost of individual property, plant, and equipment and intangible assets acquired as a group for a lump-sum purchase price, in exchange for a deferred payment contract, in exchange for equity securities or through donation Explain how to account for dispositions and exchanges for other non-monetary assets Identify the items included in the cost of a self-constructed asset and determine the amount of capitalized interest Explain the concept of cost allocation as it pertains to property, plant, and equipment and intangible assets Calculate depreciation and amortization expenses Account for changes in estimated service lives and residual value of property, plant, and equipment and intangible assets Discuss when long-lived assets must be tested for impairment Investments Demonstrate how to identify and account for investments classified as held-to-maturity, trading, available-for-sale and the equity method Explain what constitutes significant influence by the investor over the operating and financial policies of the investee Explain how electing the fair value option affects accounting for investments For each topic discuss the primary differences between U.
Financial Accounting Objective Financial statements Balance sheet (Statement of financial condition) Income statement Statement of Cash flows Facebook Balance statement Income statement Cash flow Financial Accounting Objective Communicate information about financial condition and performance potential lenders can evaluate whether they should lend to a company potential investors can evaluate whether they should invest in a company Financial information includes financial about the reporting company’s Economic resources, claims against a company (Balance sheet) Effects of transactions and other events and conditions that change those resources and claims (Income, Comprehensive income, Stockholders’ equity and Cash flow Statements) Financial statements Balance sheet (Statement of financial condition) Picture of financial condition Assets (A) = Liabilities (L) + Equity (E) Assets resources that have probable future benefits Liabilities claims on resources Equity residual interest in the assets of an company after deducting liabilities